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MARKETS / NYSE / Real estate / Real estate investment trusts / MAC
NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Macerich Co. MAC

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.0B
▲ 10.4% YoY
$-197.1M
$54.7M
▼ 51.4% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

It is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership. The Company is a self-administered and self-managed real estate investment trust. All seven of its management companies are owned by the Company. As of December 31, 2025, the Operating Partnership owned or had an ownership interest in 37 regional retail centers and one community/power shopping center, which together consist of approximately 39 million square feet of gross leasable area. Anchors accounted for approximately 6.9% of the Company's total rents for the year ended December 31, 2025. As of December 31, 2025, the Company had approximately 598 employees, of which 596 were full-time and two were part-time. The Company was organized as a Maryland corporation in September 1993.

Written from the business description in MACERICH CO's annual report to the U.S. Securities and Exchange Commission, filed 20 February 2026. Every sentence was checked against that document before publication.

Growth

USD 1.0B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.0 · Net income -0.2
1.0B2.0B-0.1B-0.2B
2008201120142017202020232025
Compound annual growth
+5.7%
+5.2%
−2.4%
+2.4%
+3.1%
+0.3%
+0.9%
−16.8%
−1.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +5.2% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−20 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Net -19.8%
50%100%-10%-20%-30%
200820162025
ROE
FY2025 · ROE -7.6%
2%4%6%-5%-10%
200820162025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.
Gross margin·
Operating margin·
Net margin-19.8%
EBITDA·

Each USD of equity lost 8 cents this year.

Cash & shareholders

USD 188.2M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 54.7
150M300M-100M-200M
200820162025
Net buybacks $M Dividends $M
FY2025 · Dividends 188.2 · Net buybacks ·
1000M2000MDividendsNet buybacks
2008201120142017202020232025
Dividends paidUSD 188.2M
Net buybacks·
Share of profit-95.5%
Consecutive raises·

USD 188.2M in dividends went back to shareholders in a year without profit.

Total assetsUSD 8.4B
EquityUSD 2.4B
CashUSD 280.2M
Gross debtUSD 5.1B
Net debtUSD 4.8B

Net debt stands at 196% of equity.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
MAC, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B1.00.90.90.90.80.80.91.01.01.01.31.11.00.80.70.70.80.9
Operating income $B◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
EBITDA $B◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Income tax $B−0.0−0.0−0.00.00.0−0.00.0−0.00.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.00.0
Net income $B−0.2−0.2−0.3−0.10.0−0.20.10.10.20.60.51.60.40.40.20.00.10.2
Free cash flow $B0.10.10.20.30.30.10.30.30.30.20.30.20.30.20.20.1−0.1−0.3
EPS, diluted $−0.78−0.88−1.28−0.310.07−1.580.680.421.023.523.0810.453.002.511.180.191.452.17
Dividend / sh $0.680.680.680.620.601.553.002.972.872.756.632.512.362.232.052.102.60−3.20
Payout %−95−83−58−2821006−78490◌◌◌◌◌◌◌◌89779165
ROE %−7.6−7.5−10.3−2.20.5−9.43.5◌◌◌◌◌◌◌◌1.16.5◌
Shares out B0.260.250.220.220.210.150.140.140.140.140.150.160.140.140.130.130.10◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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BN · CBRE · JLL · WELL · AMT · CWK
Provenance

Company facts, as filed

How we verify · 0 failures · 1 divergence in 53 reconciliationsAUDITED

Reconciled in 17 of the 18 fiscal years we could check. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. Two checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures1 divergent
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2008

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